Relentlessly high youth unemployment is a global time bomb

By John Podesta
Posted on July 9, 2013, 5:02 pm

The June jobs report pointed to the continuation of a slow – but persistent – economic recovery in the United States. But the youth unemployment rate remains about double the overall rate, with about 16% of young people who want to work unable to find a job. In the US and countries around the world, relentlessly high youth unemployment threatens the futures of individuals and the broader economy.

Youth, between the ages of 15 and 24, make up 17% of the global population but 40% of the unemployed, a figure that doesn’t include those enrolled in school. The Middle East and North Africa region has the highest youth unemployment rate, with one in four young people unemployed, driving social unrest. Youth unemployment is even higher in some parts of Europe, where more than 50% of young people in Greece and Spain are out of work.